Savosolar Plc’s annual report for 2018 published

Savosolar Plc’s annual report for 2018 published

Savosolar Plc’s annual report including the annual accounts, the report of the Board of Directors and the auditor’s report for the year 2018 has been published.

In line with the company’s expectations published on 22 February 2019, the auditors’ report includes the following comment regarding a material uncertainty related to going concern:

“We draw attention to the notes in financial statements, section “General risks and factors of uncertainty concerning operations”, according to which, based on the current level of costs and revenues the company does not expect the working capital to be sufficient for the next 12 months period. These conditions indicate that a material uncertainty exists which may cast significant doubt on the Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.”

In the audited financial statement for the financial year ended 31 December 2018 the revenue was EUR 5,428.2 thousand, meaning EUR 204.7 thousand less than in the financial statement release published on 20 February 2019. the net loss was EUR 6,635.4 thousand, meaning EUR 212.1 thousand more than in the financial statement release published on 20 February 2019. This was due to a periodisation error in the partial revenue recognition, which reduced the revenue and net earnings for 2018, but is estimated to improve the figures for 2019 accordingly.

The annual report is available at the company’s website www.savosolar.com under section News and media, Annual reports, and they are also attached to this announcement. The annual report is available in pdf format in Finnish and in English.

Savosolar Plc discloses the information provided herein pursuant to the Market Abuse Regulation ((EU) No 596/2014, “MAR”). The information was submitted for publication by the aforementioned person on 14 March 2019 at 1:45 p.m. (CET).

About Savosolar

Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company’s collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar’s vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems – market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar’s shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.